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Lone Pine Capital LLC, based in Greenwich, Connecticut, was founded in 1997 by Stephen Mandel and is one of the largest equity-focused hedge funds in the United States. It is estimated to have $28.3 billion of assets under management.

Ralph Lauren said its second quarter net revenues increased 3% to $1.9 billion. It said that, excluding the net negative impact from foreign currency translation and discontinued businesses, net revenues increased approximately 4% in the second quarter. It added that growth in the Americas, Europe, and most of Asia was partially offset by lower sales in Japan. Its board declared an increase in the quarterly cash dividend to $0.45 per share. For the third quarter of fiscal 2014, it expects consolidated revenues to increase by 8% to 10%, with wholesale growing faster than retail sales. Foreign currency is estimated to negatively impact revenue growth by approximately 100 basis points in the third quarter, and it will primarily affect the company’s retail segment, given its geographically mixed business. The company will intensify its investment in global retail operations in the second half of fiscal 2014. This will include incremental spending on store operations and its omni-channel efforts in addition to more advertising and marketing spending.

Lone Pine Capital founder Stephen Mandel graduated from Dartmouth College in 1978 and received his MBA from Harvard Business School in 1982. He has worked as an analyst and consultant at several major firms, from Tiger Management to Goldman Sachs. He uses a bottom-up, fundamental approach for selecting stocks that focuses on the fundamentals of the company against macroeconomic events and indicators.